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is controlled by the opec cartel, the organization of petroleum exporting countries, which meets twice a year to establish quotas in order to keep prices at an acceptable level for the opec exporters. the national oil companies of opec and other countries around the world hold the vast majority of oil reserves, over 80%. they produce only 40% of the world's petroleum every day. there's a chart in the report that you have that shows us graphically. if there's ever an example of a market that is not free, it is that. nobody operates and acts in that manner in a purely free market. in fact, if opec were doing what it does abroad in this country, it would be a crime and a violation of our antitrust laws. so the prescription that the energy security leadership council came up with several years ago, which was very impactful in the energy security -- independence and security act of 2007, was it? 2008? was based on our report in 2007, which said that the united states should maximize its oil and gas production, that it should significantly reduce consumption and improve conservation, which led to t
. >>> an oh beck minister, important events. opec ministers are in vienna. >> why vienna, by the way? >> i don't know why they originally set it there, but it seems like as good a place as any. have you been? >> i have not been. >> i don't think i've ever been to vienna. i always wondered about that. >> i mean, it's better than meeting in, i don't know, skokie, right? they're expected to retain its 28 million barrel a day output target. but the real drama is likely to be about leadership, the world's leading oil exporters are expected to argue about who should be opec's next secretary general and we have candidates from iran, iraq and saudi ara a arabia. they're all competing to replace the current leader, as you can see there. abdallah salem el badri, he's 72 years old and he's been there for years. i don't know where i've been for five years, but did you know -- >> i apologize in advance. i didn't. >> you could have said you did and we've been best friends, in fact. >> he's completely changed the entire operation. anyway, did a great job. >> in global market news this morning, stocks in asi
supply among a number of non-opec countries. you see the u.s. obliterating the rest of the world. employment des moinin oil and gd to the highest level in 1992. we still provide a tiny sliver just under 200,000. the net oil imports are craters and a now a number of analysts predict in the near future the u.s. is producing more oil than any other country in the world. by round 2020 a recent international agency reports that the u.s. is predicted to become the largest oil producer and starts to see the impact of new fuel efficiency measures and transport. it results in a continued fall in u.s. imports to the extend that north america is a net oil exporter around 2030. yes, that's right. the united states, which is according to the spokes people from the coal industry already the saudi arabia of coal, which is now essentially tied with russia as the single largest producer of natural gas in the world could find itself the world's biggest oil producer on a consistent basis for the first time since the first half of the 20th century. in energy circles you hear the phrase saudi america
supporter of facing compliance. we want to smooth the transition from an opec, unregulated market to a transparent regulated market place. as chairman bachus said if i can quote you, you want to make it operational, sink together and function. so in the midst of that implementation and its of pasta, it's a natural order of things that many market participants have sought further guidance. sometimes the questions, early. but as all of us know, as we're all in school at one point, sometimes we do our papers late come into the night, the day before it is too. and that's just human nature. we will address questions that come up early, and will do our best to address them even if they come up late. prior to a milestone on october 12 commend this milestone was just because the sec and s. -- the cftc finished the foundatiofoundatio nal definition rules, the definition of swapping swap did and so forth went into effect on october 12. we got a lot of those questions, some early, some late. along with my fellow commissioners and staff can we sort through about 20 issues, and i think we sort
Search Results 0 to 3 of about 4